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Valens GroWorks Corporation

Valens GroWorks and The Green Organic Dutchman sign cannabis and hemp extraction deal

The Green Organic Dutchman will supply Valens with significant quantities of cannabis and hemp and Valens will provide extraction services that will process it into resins and distillates

oils, sprays and cannabis
Valens, which is based in Kelowna, British Columbia, meanwhile, is a cannabis company focused on extraction, distillation and cannabinoid isolation

Valens GroWorks Corporation (CSE:VGW) (OTCMKTS:VGWCF) said Monday it has struck a multi-year extraction services contract with The Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCQX:TGODF)

Under the terms of the initial two-year deal, The Green Organic Dutchman will supply Valens with significant quantities of cannabis and hemp and Valens will provide extraction services that will process it into resins and distillates.

READ: Valens GroWorks inks multi-year, renewable cannabis extraction agreement with Tilray Canada

Partnering with Valens is set to allow for the early market entry of The Green Organic Dutchman’s organic hemp-derived CBD (cannabidiol) product lines within the coming months.

The Green Organic Dutchman intends to use the concentrated cannabinoid resins and distillates to produce oils, sprays and capsules.

The agreement calls for The Green Organic Dutchman to supply Valens with a minimum of 30,000 kg of cannabis and hemp biomass in the first year, increasing to 50,000 kg in year two.

Valens expects the first shipment to arrive and to begin processing early in the second quarter.

“The ability to partner with skilled and specialized extraction operators such as Valens will add significant bench strength to TGOD’s already robust extraction capabilities in Canada, Poland and Jamaica,” said Brian Athaide, director and CEO of TGOD.

Tyler Robson, CEO of Valens GroWorks, is similarly bullish on the partnership.

“Valens looks forward to helping accelerate TGOD’s time to market with the launch of its hemp-derived CBD product line in the coming months,” Robson said.

READ: The Green Organic Dutchman pushes into Europe thanks to new pact with Knud Jepsen

Headquartered in Toronto, The Green Organic Dutchman boasts operations focused on medical cannabis in Canada, Europe, the Caribbean and Latin America, as well as the Canadian recreational market.

Valens, which is based in Kelowna, British Columbia, meanwhile, is a cannabis company focused on extraction, distillation and cannabinoid isolation and purification as well as quality testing.

Valens GroWorks shares traded 9.26% higher to hit C$2.95 in Canadian trade on Monday morning while The Green Organic Dutchman shares added 2.82% to reach C$4.38.

Quick facts: Valens GroWorks Corporation

Price: $3.76

Market: TSX-V
Market Cap: $457.61 m
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